In yesterday’s column I discussed some of the arguments for and against additional monetary stimulus. On balance, I’m for it–and I wouldn’t bet against it happening in the next month or two. The August 9th FOMC minutes released today confirm what we already knew: since QE2 ended in June, the Fed has learned that the recovery is slower and more fragile than it previously thought, and that inflationary pressures have eased. There you have it: what else does the Fed need to know before it embarks on QE3?
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